Small Business Line of Credit
A flexible funding option that moves with you so you can easily reach your goals.
You’ve got a great product or service and a strong plan for your business. But what if you need flexible funding to help you reach your goals? With a Small Business Line of Credit from Pursuit, you’ll have the right funding to tackle short-term challenges and opportunities that come your way. Whether you need capital to bridge a cash flow gap or to cover additional expenses while your business grows, the Pursuit Small Business Line of Credit is a great fit for your needs.
Access this flexible funding program through Pursuit and you’ll be working with an experienced lender that’s dedicated to your success.
Digital application process
Affordable interest rates
What is a Small Business Line of Credit?
A Small Business Line of Credit is a revolving line of credit that allows you to borrow money when your business needs it most. A line of credit is similar to a credit card: you can use any amount up to your borrowing limit, but you only pay interest on the funds that you’ve used each month. At the end of your term, you’ll pay the remaining balance in full.
Small Business Line of Credit Details
- Loan amount: up to $100,000
- Interest rate: 9.9%
- Term: 12 months
- Fees: 1.5% funding fee, which is financed into the line of credit
- Time to funding: Decisions sent within 2 days. Lines are funded within 1 – 3 weeks of approval
- Other features:
- Unlimited draws on demand
- Monthly interest-only payments
Is a Small Business Line of Credit right for me?
Does your business have contract-related expenses? Do you need to order more inventory in a short amount of time? Or maybe you just need some extra working capital to make it through a slow or busy sales cycle? A line of credit is a great choice for any of these situations.
To qualify for the Small Business Line of Credit through Pursuit, your business must have the following:
- You have two or more years in business
- Your cash flow is positive or break-even
- Your personal credit score of 640 or higher
- Your annual revenue is $120,000 or more
- You have two or more employees
- No tax liens or judgments filed within the last 3 years for you or your business
- You and your business have no prior bankruptcies
If you’re approved for a small business line of credit through Pursuit, you’ll need to open a business checking account with Hanover Bank. This will give you online access so you can transfer funds to your preferred business account.
What can you use a Small Business Line of Credit for?
A Small Business Line of Credit should be used for your business’s short-term needs. You could use a line of credit for urgent financing needs, such as covering payroll or working capital. The Small Business Line of Credit is a great financing solution for:
- Covering payroll
- Seasonal expenses
- Working capital
- And more
With the Small Business Line of Credit, you’ll have a flexible funding option to support your business when you need it most.
The Small Business Line of Credit is administered by Pursuit Community Finance in partnership with Hanover Bank.